When you invest in Nelson County single-family rental homes, you will see how easy it is to predict what will happen in the market — and when. Renting follows seasonal patterns each year. These patterns are known as “seasonality” and can help property owners and landlords anticipate and prepare for tenant turnovers. It is important if you want to keep your rental homes lucrative, to know about seasonality and how it can help you optimize your time and budget.
Searching Season vs. Moving Season
The first thing you should know about seasonality is that both searching and moving have different peak seasons throughout the year. Highs and lows in renter activity are predictable even as rental markets vary. The season for searching for a new rental home usually begins in the early part of the year, with March through July typically having the most activity.
The Heat of Summer
On the other hand, others want to take advantage of the warmer summer months so most renters prefer to move between May to September, making this the peak season for moving in or out. Needless to say, renters still move all year round and for various reasons. But the summer months tend to be the most convenient, and most renters do not want to move in cold or snowy weather. This means, as a rental property owner, you will be very busy in the summer as well.
The Cool of Winter
On the other hand, the winter months are the slow ones in the rental market. This is mostly due to weather and renter preferences. Renters rarely want to move during the winter holiday season, preferring to stay where they are.
Using Seasonality to Your Advantage
While there are seasonality trends in the real estate market on a national level, you should also get to know the patterns for your local market. This will help you in your annual planning. Regular communication is very important in a good landlord-tenant relationship. But during peak searching season, it is wise to listen for hints about your tenant’s intentions for the coming year. This is especially true if their lease is up for renewal.
Suppose you suspect that your tenant might move out. In that case, you can then start preparing for the turnover ahead of time by assessing the property condition, preparing marketing materials, and scheduling property maintenance.
Understanding seasonality can help you plan out your year. Since the majority of renters move in or out during the summer, most Nelson County property managers use the winter season to work on administrative tasks, enjoy personal time, or see other important matters of your business. This way it becomes easier to accommodate the busy moving season when it arrives.
Of course, hiring a good property management company is very helpful for any landlord managing a rental home business. Real Property Management Cairn can help with almost every aspect of rental property ownership, all year round. This can free up your time to focus on your investing business. Contact us today to learn more about all the services we offer.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
